Naira Plunges To All Time Low Against Dollar, CBN Issues Strong Warning

The naira experienced a further decline at the official window on Tuesday amid pressure on the Nigerian currency.

The Naira reached an unprecedented low of N1,482 against the United States dollar.

On Monday, the local currency had closed at 1,348 against the greenback, following a review of the calculation methodology by the FMDQ Security Exchange.

In response to market dynamics, the Central Bank of Nigeria issued a circular to authorised dealers emphasizing financial market price transparency and cautioning against unethical practices.

The circular warned against inaccurate and misleading information reported by some dealers and their customers, labeling such behavior as non-compliance with ethical standards. It stated, “Deliberate attempts to create price distortions by reporting false transaction details amounts to market manipulation, which will not be tolerated and henceforth face sanctions.”